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home :: Mortgage Terms
Glossary UV
Mortgage Terms Glossary
U&V
Underwriter: a professional who
approves or denies a loan to a potential homebuyer based on the
homebuyer's credit history, employment status, assets, debts and
other factors such as loan guidelines.
Underwriting:
the process of analyzing a loan application to determine the
amount of risk involved in making the loan; it includes a review of
the potential borrower's credit history and a judgment of the
property value.
Uniform
Settlement Statement: a standard document prescribed by the
Real Estate Settlement Procedures Act containing information for
closing which must be supplied to both buyer and seller.
Utility costs: periodic housing costs
for water, electricity, natural gas, heating oil, etc.
VA:
Department of Veterans Affairs: a federal agency which guarantees
loans made to veterans; similar to mortgage insurance, a loan
guarantee protects lenders against loss that may result from a
borrower default.
Variable
rate mortgage (VRM): see Adjustable Rate Mortgage.
Related
Topics:
VA Loans
Take Over Mortgage
Mortgage Payment
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